UK-based pan-European carrier COLT Telecom Group has posted disappointing results for the third quarter of 2006, due to tough market conditions across Europe, most notably in the UK and Germany. Revenues for the three months ended 31 September 2006 fell 0.6% year-on-year to EUR453.7 million (USD569.5 million), whilst EBITDA fell 0.9% to EUR66.2 million. On a more positive note, COLT posted its first ever profit before tax of EUR1.3 million, compared to a loss of EUR27.6 million a year ago. COLT is moving away from the voice carrier market to focus on higher margin areas such as managed and non-managed network services, bandwidth services and IP telephony. COLT finished the quarter with EUR68.3 million in net debt, including over EUR200 million in cash, but expects to remain cash flow positive this year.